Greek economy expands for second straight quarter

Greek economy expands for second straight quarter

Official figures show that the Greek economy’s recovery continued in the second quarter of the year, with a second straight period of growth.

Provisional data Friday from the Hellenic Statistical Authority (ELSTAT) also show that the Greek economy, battered by years of crisis, expanded by a quarterly rate of 0.5 percent in the April to June quarter.

That means that on a year-on-year basis, the Greek economy was 0.8 percent bigger.

Greece has been struggling through a financial crisis since 2010, and has been dependent on billions of euros in rescue loans from three international bailouts. Its economy has contracted by around 25 percent over the past decade or so, a recession that’s seen unemployment and poverty rates swell across the country. [AP]

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